It is to good to try to to estate planning while your wits are still intact. A mentally incapable person can no longer execute a will or estate decide. This makes life harder for you and also loved ones, most particularly when they even now minors.

Normally, if sell property, you are taxed within the gain - the difference between the sale price and the "basis" price (usually you will have a you procured the property). When people own property as tenants by the entirety or as joint tenants with right of survivorship, sum a stepped-up basis on half the property, but retain the identical basis on your other fifty %.

The living trust Marilyn and George created specified two new trusts, referred to as an A/B trust, and can set up when most important spouse expired. The living trust also specified that (a) the surviving spouse would serve as trustee for this "B" trust